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PMFBY - A Financial Inclusion Initiate for Farmers Development

International Journal of Business Ethics in Developing Economies

Volume 6 Issue 2

Published: 2017
Author(s) Name: Parmod Kumar Singhal, Vivek Mittal | Author(s) Affiliation: Assistant Professor, Kurukshetra Institute of Technology and Management, Kurukshetra, Haryana, India
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Abstract

Agriculture is the base of any country. It is a risky activity because it is done in open field and it takes time to be ready. Risk is an important aspect of the farming business. People involved in the agriculture live in uncertainties. The uncertainties inherent in weather, yields, prices, government policies, global markets, and other factors that impact farming can cause wide swings in farm income. There is an important role of the farmer in the economy of a country. We are large exporter of rice especially of Basmati rice and large producer of wheat. So, we need to protect the farmers from various risks associated with the agriculture. This paper is based on both primary and secondary data. The primary data is collected from the farmers with an aim to know about their views on the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the secondary data is collected from various other sources.

Keywords: PMFBY, Agriculture, Insurance, Farmer, Risk Management, Risk Reduction

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